WEDNESDAY, JANUARY 18, 2017
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NHI ‘waiting lines’ if costs exceeded $400m
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Bahamians faced “waiting lines” for treatment under the initial National Health Insurance (NHI) model if costs went beyond the $400 million that the Government already spends on healthcare, Tribune Business can reveal. A confidential report entitled ‘Full NHI Road Map Overview’,
Report reveals initial model fall-out if sums wrong Called for sidelining insurance industry if no deal Admits $100m ‘wastage and inefficiency’
Opposition: Baha Mar opening date is ‘quid pro quo’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Opposition politicians yesterday queried whether the timing of Baha Mar’s April 21 opening is “a quid pro quo” for the Government’s role in helping China to oust the original developer, Sarkis Izmirlian. K P Turnquest, the FNM’s deputy leader, told Tribune Business that both the timing and “soft launch” nature of the planned opening, coupled with the absence of any marketing activities, raised immediate questions as to its true purpose. “We remain optimistic but sceptical,” Mr Turnquest told Tribune Business, “because we’re talking about an April opening yet have not seen any marketing that will drive additional airlift for this project.” Prime Minister Perry Christie previously said 400,000 additional airline seats per annum will be required to fill the 2,200 room inventory increase See pg b5
‘Even blind man’ can see aid to Govt’s re-election bid Absence of marketing raising suspicion FNM deputy: I’d expected over 1,500 applicants
Branville McCartney, Leader of the Democratic National Alliance
Exuma ‘not done as well as it should’ in maximising FDI By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Exuma has “not done as good a job as it should” in preparing residents to maximise the benefits from major investment projects such as the upcoming $200 million Children’s Bay development, its Chamber of Commerce president said yesterday. Pedro Rolle told Tribune Business that Exumians had “no one to blame but ourselves” for this, arguing that the island needed to develop structured mechanisms for training its people to better exploit job and entrepreneurial opportunities. Backing the proposed Children’s Bay project, which is earmarked for cays just off northern Exuma, as “a wonderful opportunity to create opportunities outside Georgetown”, Mr Rolle said ensuring the benefits went to residents first was an “ongoing, urgent concern”. “The ongoing concern is that we know they are coming, and have sufficient time, but I don’t think we’ve done as good a job as we should have done in ensuring persons in Exuma are adequately prepared to take advantage of opportunities,” Mr Rolle told Tribune Business. “As long as we have people in Exuma who are unemployed or underemployed, I feel bad that others may be coming in and
Chamber chief says ‘urgent, ongoing concern’ Islanders need to be better prepared Benefits go elsewhere if workers from other islands taking opportunities. That’s a reality, that’s a concern.” The Chamber president added: “We have to develop mechanisms on the ground so that people, once they know the jobs are coming and are interested, go directly into training so that they are equipped when the opportunities arrive. “We have the National Training Agency here, which I think needs to be given a higher profile and more resources, so that it can move about and do a better job of recognising and sensitising people; there’s an opportunity coming up that will lead to jobs.” The Children’s Bay/ Williams Cay project, which has been going through the planning and permitting process following a Heads of Agreement signing last year, appears ready to come out of the ‘investment pipeline’ judging by the February 5 town meeting that will be held on Exuma to discuss it. See pg b4
which has never been publicly disclosed, identifies many of the weaknesses and concerns raised by medical industry participants that have yet to be addressed as the Government pushes for a pre-general election roll-out. It reveals a lengthy list of steps that must be completed if NHI is to be successfully implemented, many of which have not been initiated, and also discloses that the Government was prepared to sideline the Bahamian pri-
vate health insurance industry if it failed to accept its demands. The document, which has been obtained by Tribune Business, also concedes that the money going to patient care is “limited” because $100 million, or 25 per cent, of the Government’s healthcare spending goes on non-health expenses. This was previously confirmed by Dr Glen Beneby, the chief See pg b6
FNM deputy challenge to private cruise port model By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net The FNM’s deputy leader yesterday challenged the Bahamas’ private island cruise port development model, arguing that those located on remote cays would generate “limited” benefits for Bahamians. K P Turnquest told Tribune Business he found himself at odds with Prime Minister Perry Christie’s assertion that the Mediterranean Shipping Company (MSC) cruise port on Bimini was “the model” for similar future developments in the Bahamas. The MP, whose own east Grand Bahama constituency is still awaiting its own cruise port, in the shape of Carnival Cruise Lines’ promised $200 million project, questioned why the Bahamas would seek out such projects for remote locations like MSC’s Ocean Cay. Pointing out that these sites were far from commercial and population centres, Mr Turnquest said this negated the economic impact and spin-off opportunities for Bahamian entrepreneurs. And employees/business operators would likely be sourced from other parts of the Bahamas, splitting up or uprooting Bahamian families.
Says benefits for Bahamians ‘limited’ on remote cays “The question is why there? Why build a cruise port and destination on a cay in the middle of the ocean?” Mr Turnquest queried to Tribune Business, adding that there were numerous populated Family Islands that could have benefited more from a project such as MSC’s. Ocean Cay is a man-made island near Bimini that was previously used for industrial purposes, particularly aragonite mining. It faces a major transformation in usage that will address any of the lingering environmental concerns stemming from its past life. However, as shown by November’s Labour Force Survey, Bimini’s need for such a development is much less than for other islands, given that its official unemployment rate is pegged at around 3 per cent due to the Resorts World project. As a result, the more than 120 Bahamians who will be employed fulltime at Ocean Cay are likely to be primarily drawn from elsewhere in See pg b4
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Baha Mar marketing ‘kick-in’ awaits hotels, promotion, team hires ‘Very soft opening’ means concerns misplaced CTFE ‘in final stages’ of talks with Grand Hyatt Promotion to ramp up with winter 2017-2018 focus By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net Baha Mar’s marketing will “kick in” once it has finalised agreements with its hotel brand operators and appointed its own promotional team, Tribune Business was told yesterday. Robert Sands, the resort’s vice-president of government and external affairs, told Tribune Business that Baha Mar’s “very soft opening” on April 21 did not require a major marketing offensive beforehand. He was responding to concerns about the lack of promotional activity to-date by Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), which has raised BaRobert Sands hamian concerns about how it intends to attract the necessary airlift and visitor demand to fill the property. While conceding that CTFE had yet to appoint its in-house promotional team at Baha Mar, and hire outside PR/marketing agencies, Mr Sands said the Hong Kong-based conglomerate was already moving on this. He added that Graeme Davis, president of CTFE’s Bahamian subsidiary, was also “in the final stages” of negotiating a management/operating agreement with Grand Hyatt, one of the three hotel chains likely to brand Baha Mar. “I can confirm that Graeme Davis and the leadership of CTFE are in the See pg b5
THE TRIBUNE
Baha Mar receives 4,500 job resumes By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
Describing the response to Baha Mar’s recruitment drive as “overwhelming”, a senior executive yesterday told Tribune Business that more than 4,000 resumes had been received by the resort project in the past two days. Baha Mar kicked-off its recruitment drive on Monday as it seeks to fill some 1,500 positions ahead of its ‘soft opening’ scheduled for April 21.
However, that number more than doubled yesterday. “We have received 4,491 resumes between Monday and Tuesday,” Robert Sands, Baha Mar’s senior vice-president of government and external affairs, told Tribune Business yesterday. He added that up to 10am yesterday morning, Baha Mar’s website had received more than 21,000 visits, with 15,000 specifically related to its careers posting. “I think that it is overwhelming and extremely encouraging, and it will
Wednesday, January 18, 2017, PAGE 3
Healthcare takes a ‘giant leap forward’ By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
The Baha Mar development. make for a very competitive selection process,” said Mr Sands. Baha Mar is looking to initially fill positions at the golf course, the casino and casino hotel, and convention centre ahead of its scheduled April 21 partial opening. As many as 5,000 jobs are expected to be created once the resort is fully opened. The new owner, Chow Tai Fook Enterprises (CTFE), has said it is dedicated to the success and timely
The Minister of Health yesterday said healthcare modernisation had taken a “giant leap forward” opening of Baha Mar, and through the implementation of an $18.4 million Integratis “very optimistic” that the ed Health Information ManApril 21 opening date will agement System (IHIMS) be hit. The contract with AllSThe Hong Kong-based cripts and its partner, Infor conglomerate revealed it- Lawson, for the implemenself as the Baha Mar pur- tation of a single electronic chaser last November. medical records platform Prime Minister Perry Chris- across all public health sertie, in addressing the Baha- vices, part of a $200 million infrastructure expansion mas Hotel and Tourism Asand improvement of the sociation (BHTA) recently, country’s hospitals, is also said 1,800 rooms at the ca- key to the proposed Nationsino and conference hotels al Health Insurance (NHI) would open during the 2017 scheme. Dr Perry Gomez told a second quarter. workshop that the launch of the IHIMS was a “red letter day” for healthcare in the Bahamas. He added that the Public tionship with Gerald Cash Hospitals Authority (PHA) Primary, and it’s reflective had been making “signifiof the relationships that cant progress” with respect we’re building in all of the to capital projects, recruitment and acquisitions. communities in all of the re“The PHA has proven gions Sandals and Beaches to be a vital linchpin in the Resorts are located.” improvement and advance-
Sandals showcased to 150 travel agents Sandals Royal Bahamian Resort was showcased to more than 150 travel agents from throughout North America this past weekend. The agents were treated to tours of the recently-renovated property, as well as the culinary offerings of its 10 restaurants. They also participated in workshops geared towards improving selling skills, and learned tips highlighting unique features of Sandals and the Bahamas. Karen Baker, a romance travel specialist, said: “The
private island is a huge selling point for Royal Bahamian, and I know there were agents who really got the chance to experience and enjoy it for the first time during this conference. “Seeing the recent renovations and upgrades at the resort was a plus as well. I had the pleasure of staying in the Royal Village and I loved it. It felt like a completely different experience from my previous resort visits. I also toured the village rooms, and I love the modern upgrades and gorgeous new bathrooms.”
Sandals’ charitable arm, The Sandals Foundation, also educated the agents and bring back the awardwinning choir and rake n’ scrape band from Gerald Cash Primary School to perform. Gary Sadler, vice-president of sales at Unique Vacations/Sandals Resorts, said: “We were very much looking forward to showcasing the talent of some of our Bahamian youth as a taste of what the islands have to offer. “Sandals Royal Bahamian has built a great rela-
Chamber executives visit with Minister Newly-elected executives of the Grand Bahama Chamber of Commerce (GBCC) paid a courtesy call on the Minister for Grand Bahama, Dr Michael Darville, last week. The visit was part of their 2017 mandate to foster better communication between the Chamber and Grand Bahama’s key stakeholders. The meeting, at the Harold DeGregory Complex,
also served as an opportunity for Dr Darville to become familiar with the Chamber’s newest Board and their objectives for the year. During the visit, the executives shared their intention to maintain positive relations with the Ministry for the benefit of the business community. Pictured L-R: permanent secretary (acting), Melvin Seymour;
Chamber executive director, Mercynth Ferguson; Chamber treasurer, Ralph Hepburn; Chamber secretary, Karin Sanchez; Chamber president, Mick Holding; minister for Grand Bahama, Dr Michael Darville; Chamber first vicepresident, Dan Romence; and Chamber second vicepresident, Lawrence Palmer. Photo/Keen i Media Ltd
Dr Perry Gomez ment of our public health service and infrastructure,” Dr Gomez said. “Modernisations have been in keeping with respect to the authority’s strategic development of the physical environment, services, management and resources at all of our public hospitals. “Significant progress has been made with respect to capital projects, to improving our hospitals’ physical plants, recruitment efforts to address longstanding shortfalls in critical professions and acquisitions programmes to replace and enhance the diagnostic imaging and medical laboratory equipment.”
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PAGE 4, Wednesday, January 18, 2017
FNM deputy challenge to private cruise port model From pg B1 the Bahamas, and will have to relocate. “I heard the Prime Minister say that he hopes this is the model for this kind of development in the future,” Mr Turnquest said of the MSC project. “I found myself thinking I do not. “When we do these kinds of development, they need to benefit Bahamians, and create opportunities and employment for Bahami-
ans. Certainly, if they’re on some remote cay, the opportunities are very limited. “It will be interesting to see what kind of contribution they [MSC] make to the revenue of the country, given that they’re going to be another closed shop. Is this the best use of our opportunity?” Mr Turnquest’s concern over whether the Bahamas is maximising the benefits of cruise tourism were yesterday shared by Branville
Exuma ‘not done as well as it should’ in maximising FDI From pg B1 The project, which is being developed by Swiss businesswoman Dona Bertarelli, is designed as a low density, boutique property that will create between 200 to 300 full-time jobs once properly constructed. Mr Rolle told Tribune Business that Exuma failed to maximise the foreign direct investment (FDI) benefits if the majority of jobs went to Bahamians from other islands, as the majority of their income and salaries tended to be transferred back home. “I continue to talk about sustainable economies and
that persons from Exuma have nowhere else to go,” Mr Rolle said. “If they’re earning a living in Exuma, they will deploy their resources there. “If they come from Cat Island, Long Island, where my family is, that’s where my income will go, so Exuma doesn’t get the full benefits of these projects. That’s something we’ve got to work on, and I blame us, Exumians, for not being equipped. It’s always an urgent issue for us.” The Children’s Bay development promises to include a five-star resort and golf club, a boutique pavilion-
McCartney. The Democratic National Alliance (DNA) leader told Tribune Business: “They [private cruise ports] don’t seem to ultimately benefit the Bahamas and the Bahamian people as a whole. “At the end of the day, monies go out of the country as opposed to circulating throughout this economy, and that’s what’s going to happen here.” Mr McCartney’s comments allude to a wider concern that private cruise islands and ports benefit the cruise lines more than the Bahamas and Bahamians.
Concerns have long existed that the cruise lines control the excursions, tours and attractions at such facilities, potentially denying Bahamians entrepreneurial opportunities, while controlling the markups charged by the locallyowned businesses they do allow. The impact for the Public Treasury is also limited, as the per capita departure tax levied on cruise passengers is often discounted once a certain number are brought in. However, MSC is slightly different given that it al-
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ready has a physical presence in the Bahamas in Freeport, where it is a major equity shareholder and customer at the Freeport Container Port. Prime Minister Perry Christie said MSC had made a commitment to Bahamian entrepreneurial development at Ocean Cay through the offer of financing of construction and equipment in respect of restaurants, retail shops, water sports, entertainment and attractions to be operated by Bahamians. He added that MSC has also committed to estab-
lishing a Seafarers Technical School in Freeport, and has been working with a Cabinet sub-committee to facilitate planning, infrastructure development and screening of candidates. The first 55 recruits are to begin training next month in food and beverage, guest services, deck and engineer ratings, and entertainment for placement on MSC’s cruise ships. Mr Christie said an additional 55 recruits per quarter will undergo training, leading to a total of 220 graduates by end of this year.
room hotel, over-the-water pavilions, estate homes, a clubhouse comprising a restaurant, boutique library, screening room and bar and lunches. The project also involved the creation of Marine Protected Area, and the use of renewable energy. Ms Bertarelli and her family’s business interests includes the five-star Grand Hotel Park in Gstaad, which was honoured as 2013 Best Hotel in Switzerland by Premium Switzerland, and rated in the 2012 Robb Report’s World Best Resorts list. She is involved in philanthropic activities in marine conservation, life sciences and children’s education.
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Wednesday, January 18, 2017, PAGE 5
Opposition: Baha Mar opening date is ‘quid pro quo’ From pg B1 created by Baha Mar. But, with Baha Mar’s new owner, Chow Tai Fook Enterprises (CTFE), yet to hire both internal and external PR/marketing agencies, or seal management agreements with its hotel brands, promotional activities prior to the April 21 opening will be minimal (see other article on Page 1B). Baha Mar yesterday said “the very soft” nature of its opening means that a major marketing campaign is unnecessary, with its sights instead set on a promotional ‘ramp up’ to drive tourist demand for the winter 20172018 season, beginning with the Thanksgiving holiday in late November. This, though, has led Mr Turnquest and other Opposition politicians to speculate that the April 21 opening date is designed to benefit the incumbent government more than CTFE and Baha Mar. With a general election likely to be called within
three weeks of that date, they believe the Christie administration will use the Baha Mar opening as a key element of its campaign, and to justify its strategy of partnering with Beijing to oust Mr Izmirlian. “The question is: What is this opening going to look like, and who are the clientele?” Mr Turnquest asked. “The question becomes: Are these [1,500 jobs] election jobs or are they real jobs? “If they are real jobs, you’d expect marketing would be done and some noise to be made in the market. If one looks at it with a sceptical eye, it certainly looks like interesting timing. “Is this part of the quid pro quo for the Government acting the way it has in favour of the Chinese interests. It’s interesting times.” Mr Turnquest’s analysis was backed by Branville McCartney, the Democratic National Alliance’s (DNA) leader, who argued that the Baha Mar opening
Baha Mar marketing ‘kick-in’ awaits hotels, promotion team hires From pg B1 process of identifying leadership in the marketing department, and supporting agencies to support Baha Mar going forward,” Mr Sands told Tribune Business. “He’s [Mr Davis] certainly aware of the need to have these individuals and companies in place.... He’s also in the final stages of negotiations with Grand Hyatt, and once those are in place the brand marketing will kick-in.” Grand Hyatt is the likely brand/operating partner for Baha Mar’s convention centre and associated hotel. It had been lined up to play the same role by Baha Mar’s original developer, Sarkis Izmirlian, who had also assembled the Rosewood and SLS brands to act as the project’s high-end/ luxury and lifestyle hotels, respectively. Given that Rosewood is owned by CTFE, it will almost certainly fulfill that same role under the new ownership. SLS, too, has given every indication it wants to remain ‘on board’ with Baha Mar. Mr Sands, though, emphasised that neither the Rosewood nor SLS-branded properties were included in the planned April 21 opening, which is focused on the golf course, convention centre, and part of the casino and casino hotel. “We have not announced timelines for those hotels yet,” he added. “These
management agreements are in the process of being completed. All of that is being done.” Without confirmed hotel brand/operating partners, and no marketing team in place, it is virtually impossible for Baha Mar to be promoted to the global tourism market in any meaningful fashion. However, Mr Sands indicated this was not necessary for CTFE’s plans, given that April 21 was intended to be “a very soft opening”. Another source, with intimate knowledge of CTFE’s Baha Mar plans but speaking on condition of anonymity, described concerns over the lack of marketing and promotional activity to-date as misplaced. Confirming the nature of the April 21 launch, they explained that similar to staffing levels, Baha Mar planned to ramp up its marketing efforts throughout the year with the main goal being the winter 2017-2018 season, starting with the Thanksgiving holiday in late November. They suggested that it made no sense for marketing efforts to immediately ramp up, given that the timing coincided with the ‘slower’ summer months, with CTFE and the brands also gaining additional time to train their staff. The source added that there was only going to be “a small number of rooms”, around 700-800, made available at the April 21
was “all gearing up for political purposes”. He added that “a blind man could see” through the April 21 timing, even though he welcomed the 1,500 jobs being provided for Bahamians. Mr Turnquest, meanwhile, said that while the 1,500 job inquiries received by Baha Mar on the first day of its recruitment drive indicated “strong” demand, he had expected “even more”. He attributed the ‘underperformance’ compared to his expectations to Baha Mar’s previous failure, and the resulting terminations of more than 2,000 Bahamians, which had left many reluctant to apply for fear history will repeat itself. “I would have expected it to be even more to be honest with you,” the FNM deputy leader said of the number of job applicants. “That speaks to the fact people are a bit sceptical about Baha Mar and its prospects for the future.” Many Baha Mar employees are likely to adopt a ‘once bitten, twice shy’ attitude to CTFE’s recruitment drive, while uncertainty stemming from the
project’s recent history may deter those with existing employment from leaving their jobs. However, with the official unemployment rate still in double digits at 11.6 per cent, and one in four (25 per cent) of all 18-25 year-olds unable to find work, Baha Mar still has a large talent pool from which to draw for its labour needs. Acknowledging that the Opposition was “happy” new jobs are being created at Baha Mar, Mr Turnquest said the 1,500 first day inquiries “speak to the level of unemployment and underemployment in the Bahamas”, and “the fact the economy is not growing as fast as it needs to, despite what the Government may say”. He added that it was “critically important” for the Bahamian economy and society that CTFE succeed with Baha Mar, and that the project becomes a sustainable source of employment for thousands of workers and companies. “It remains the biggest prospect of hope for revitalising the economy under this government,” Mr Turnquest conceded to Tribune
launch. “I don’t think people need to be concerned,” they told Tribune Business. “This is a phased opening, and once the brand are identified then certainly the directing of business will take place.” Meanwhile, Mr Sands said the ongoing recruitment process and other Baha Mar developments provided firm evidence that CTFE had obtained the necessary approvals and agreements to proceed from both the Government and the China Export-Import Bank, the project’s secured creditor. “We’ve certainly advanced to the stage where it’s evident that the negotiation of these requirements, the payment of the purchase price, and with CTFE starting to employ individuals, you can be satisfied of these substantive elements.... we do have a Heads of Agreement,” Mr Sands said. When asked about the status of CTFE’s casino licence application, he responded that “everything is progressing towards our April 21 opening. Newspaper advertisements last week revealed that Sky Warrior (Bahamas) is the name of the company formed by CTFE to own and operate the 100,000 square foot casino,
the largest such facility in the Caribbean and the project’s key amenity, given that it lies at the resort’s heart and is the central link to all hotels. Sky Warrior (Bahamas) is owned by a British Virgin Islands (BVI) domiciled company, Sky Warrior Investments, which in turn is ultimately beneficially owned by members of the Cheng family, CTFE’s proprietors. “We’re very encouraged with the progress we’ve made to date. There are many moving parts to this whole arrangement,” Mr Sands told Tribune Business. “The most important thing is they [CTFE} are fulfilling their promises to the Bahamian people, the Government and the bank, and are moving to accomplish all the obligations they have to put in place for a smooth opening on April 21.”
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Business. “It does have the potential to contribute a significant percentage of GDP if it grows properly and is able to meet its targets. “It’s a significant piece of the puzzle in terms of getting people back to work and getting the economy going.” Mr McCartney added that the “large turnout” for Baha Mar’s recruitment drive was not surprising,
given the high unemployment levels in the Bahamas. “There are resumes put on my desk every day, looking for jobs at my law firm, pharmacy, and applications sent to the school,” he told Tribune Business. “People are out of work, and you have 25 per cent of the persons between 18 and 25 years-old without work. They don’t have anything to do.”
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2015 CLE/GEN/01268
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 2nd day of June, A.D. 2004 between Gary L. Woodside and Irene S. Rolle and Finance Corporation of Bahamas Limited AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND GARY L. WOODSIDE and IRENE S. ROLLE also known as IRENE WOODSIDE
TO:
Plaintiff
First Defendant
Second Defendant
Gary L. Woodside
TAKE NOTICE that: 1. An Order and a Judgment have been filed against you on the 14th day of June, A.D. 2016 (the “Order” and the “Judgment” respectively), in the Supreme Court of The Bahamas in Action No. 2015/CLE/gen/01268 by Finance Corporation of Bahamas Limited, the Plaintiff herein. 2. By the Order, the court ordered that you do within 90 days from the date of service of this Order deliver up to the Plaintiff vacant possession of ALL THAT piece parcel or lot of land being Lot Number Eight (8) as designated on a survey plan by Nigel Engineering Limited dated 12th day of August, A.D. 1968 of several lots of land comprising Crown Allotment Number Sixteen (16) situate in Sandilands in the Eastern District of the Island of New Providence aforesaid the said piece parcel or lot of land is bounded North by Lot Number Nine (9) and running thereon One hundred (100) feet on the East by Allotment Number Fifteen (15) the property of Mary Colebrooke and running thereon Fifty-nine and Fifty-four hundredths (59.54) feet on the South by Lot Number Seven (7) and running thereon One hundred (100) feet and on the West by a road reservation Thirty (30) feet and running thereon Fifty-nine and Fifty-four hundredths (59.54) feet AND THAT the Plaintiff be at liberty to enter judgment against you for the amount claimed in the Originating Summons together with interest and costs, such costs to be taxed if not agreed. 3. By the Judgment, it was adjudged that you pay to the Plaintiff the sum of $185,569.79 together with interest at the contractual rate up to the date of judgment and thereafter interest at the rate of 6.75% per annum until payment and costs to be taxed if not agreed. 4. The publication of this Notice constitutes service of the said Order and Judgment, copies of which may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, The Bahamas during normal business hours. Dated the 18th day of January, A.D., 2017 HIGGS & JOHNSON Chambers Ocean Centre Montague Foreshore, East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff
PAGE 6, Wednesday, January 18, 2017
NHI ‘waiting lines’ if costs exceeded $400m From pg B1 medical officer (CMO), with the ‘NHI Road Map’ report also suggesting that the Bahamas will continue to throw ‘good money after bad’ unless underlying system weaknesses are fixed prior to the new scheme’s introduction. One doctor, speaking on condition of anonymity, told Tribune Business: “They have pointed out in their own document all the flaws in the system, but they don’t look to recognise what they’ve pointed out and the steps needing to be taken to provide things correctly.” The ‘NHI Road Map’ report, which appears to have been produced in late 2015 but remains just as relevant today, said the scheme’s launch was designed to effectively ‘cap’ annual costs at $400 million once all phases were in place. That is the same amount that the Government presently spends on healthcare annually, and the report warned that should claims exceed this sum, Bahamians would have to endure the same “waiting lines” that exist now for non-life threatening illnesses.
“It is important to note that the structure of the NHI launch is designed to guard against significant expenditure beyond the public envelope that has been established of $400 million,” the report said, noting that this figure encompassed NHI’s full rollout inclusive of the Vital Benefits Package. “Why? Because the capitation [payment] model limits the potential amount that can be spent by the insurer acting as RHAs (regulated health administrators), and the only potential to have more claims in the year would be in the case of catastrophic, highly unpredictable events which would be covered by the reserve and catastrophic fund that has been proposed to meet this potential demand. “Any other claims beyond those expected would have to be managed through waiting lists similar to the case of spending now in the PHA or Ministry of Health. The NHI launch considers that NHI manages demand and prices are known ahead of time – through nationally negotiated fee schedules for all procedures –unlike the current system where phy-
sicians and providers bill whatever fee they feel is appropriate.” This effectively states that if the NHI architects get their estimates wrong, in terms of costs and utilisation rates, Bahamian patients may end up suffering by having to wait for essential treatment. Tribune Business sources said the 20-page ‘NHI Road Map’ was written by James Cercone, president of the Government’s first NHI consultant, Sanigest Internacional, as an overview of where the Government was on NHI reform and the rationale for it. It is unclear to-date how much of what he detailed has survived, but the current NHI model still seems to retain most of what is outlined in this report. The ‘NHI Road Map’ also urged the Government to sideline the private health insurance industry and their representative, the Bahamas Insurance Association (BIA), unless they agreed to accept their new roles as envisioned by NHI. “If no agreement is able to be reached with BIA on a move forward utilising a hybrid model within the required timeframe, it is recommended that a decision be made for the first phase that only the public [insurer] be utilised for the pri-
mary health care services phase, or that the National Health Insurance Commission could contract directly with public and private primary care providers,” the report said. The ‘NHI Road Map’ outlined many flaws in the current healthcare system, noting that Bahamians are not receiving ‘value for money’ for the relatively high per capita spend they make on healthcare annually. “Maternal health outcomes are well below many other Caribbean countries, lower than other countries at our economic status of a high income country, and significantly worse than countries spending much less than the average $2,300 spent nationally,” the report said. It thus identifies that the quality of care and treatment outcomes, as opposed to access, are the main issues confronting the Bahamian healthcare system - especially in the public sector. The ‘NHI road map’ then identified the high level of “waste and inefficiency” in the current healthcare system, which will heighten concerns that the scheme may ‘throw good money after bad’ unless structural reforms occur first. “The more relevant ques-
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ROCKWELL LTD., 25 Mason Complex Stoney Ground, The Valley, British Anguilla Liquidator
t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com
BISX ALL SHARE INDEX: CLOSE 1,910.10 | CHG -2.99 | %CHG -0.16 | YTD -19.11 | YTD% -0.99 BISX LISTED & TRADED SECURITIES
1000.00 1000.00 1000.00 1000.00
900.00 1000.00 1000.00 1000.00
PREFERENCE SHARES
1.00 106.00 100.00 106.00 105.00 105.00 100.00 10.00 1.01
1.00 105.50 100.00 100.00 105.00 100.00 100.00 10.00 1.01
SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B
CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00
52WK LOW 100.00 100.00 100.00
SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB
SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +
SYMBOL FBB17 FBB18 FBB22
Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y
BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407
BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
113.70 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
MUTUAL FUNDS 52WK HI 2.02 3.91 1.93 169.70 140.34 1.46 1.67 1.56 1.10 6.96 8.50 6.30 9.94 11.21 10.46
52WK LOW 1.67 3.04 1.68 164.74 116.70 1.41 1.61 1.52 1.03 6.41 7.62 5.66 8.65 10.54 9.57
LAST CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.60 8.50 5.83 10.49 11.93 2.10 1.60 5.82 9.31 10.95 8.74 6.75 11.93 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.01 LAST SALE 100.00 100.00 100.00 108.46 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
CLOSE 4.38 15.85 9.09 3.52 1.77 0.12 5.05 8.50 5.83 10.50 11.93 2.10 1.60 5.82 9.75 10.95 8.80 6.75 11.93 10.00
CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 -0.55 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.44 0.00 0.06 0.00 0.00 0.00
1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.11 100.00 100.00 100.00 10.00 1.01
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CLOSE 100.00 100.00 100.00
CHANGE 0.00 0.00 0.00
108.17 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
-0.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund
VOLUME
10,000 300 11,550
3,000 3,000
VOLUME
NAV 2.02 3.91 1.93 169.70 140.34 1.46 1.66 1.56 1.07 6.96 8.50 6.30 9.80 11.13 9.63
EPS$ 0.029 1.002 -0.144 0.170 -0.130 0.000 -0.030 0.607 0.430 0.450 0.110 0.102 0.080 0.300 0.520 0.960 0.820 0.294 0.610 0.000
DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.090 0.300 0.220 0.360 0.490 0.060 0.060 0.240 0.400 0.000 0.330 0.140 0.640 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
P/E 151.0 15.8 N/M 20.7 N/M N/M -168.3 14.0 13.6 23.3 108.5 20.6 20.0 19.4 18.8 11.4 10.7 23.0 19.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
YIELD 1.83% 6.31% 0.00% 5.97% 0.00% 0.00% 1.78% 3.53% 3.77% 3.43% 4.11% 2.86% 3.75% 4.12% 4.10% 0.00% 3.75% 2.07% 5.36% 0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%
INTEREST 7.00% 6.00% Prime + 1.75%
MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022
6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%
20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022
YTD% 12 MTH% 3.91% 4.21% 3.71% 3.98% 2.43% 2.71% 4.73% 5.64% 5.70% 7.66% 3.56% 3.91% 2.22% 2.79% 2.80% 3.18% 2.99% 2.26% 4.35% 4.69% 4.13% 4.28% 4.22% 4.64% 6.19% 3.43% 2.77% 2.98% -3.66% -3.90%
NAV Date 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Sep-2016 30-Sep-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016 30-Nov-2016
MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings
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PUBLIC NOTICE
NOTICE
NOTICE is hereby given that RAMEASH PARAGUE of Sea Breeze Lane, P.O.Box EE-17641, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
NOTICE
MARKET REPORT 52WK LOW 2.70 17.43 8.19 3.50 1.77 0.12 5.05 8.05 5.50 7.72 11.91 2.18 1.31 5.60 6.70 8.56 6.12 6.35 11.81 10.00
education campaigns, aspects that have received little attention to-date under NHI, given the high level of chronic, non-communicable diseases (NCDs) in the Bahamas. “Bahamians live five years less on average than those country categories described above,” the report said. “Avoidable mortality accounts for more than 700 deaths per year. “According to WHO, the Bahamas has the highest percentage of NCD deaths for males under the age of 70 (60.3 per cent of all male NCD deaths) and a very high rate for females (47.5 per cent of all female NCD deaths, 5th of the 35 countries).” It added that the Bahamas has the “highest prevalence of diabetes in the world”, and is the “sixth most overweight country the world”.
The Public is hereby advised that I, GODFREY RICARDO BOYCE of 11280 SW 17th CT, Miramar, Fl., 33025, intend to change my name to GODFREY RICARDO FORBES. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742 Nassau Bahamas no later than thirty (30) days after the date of the publication of this notice.
INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)
52WK HI 4.38 17.43 9.09 3.55 4.70 0.12 8.22 8.50 6.10 10.60 15.48 2.72 1.60 5.82 9.75 11.00 9.00 6.90 12.25 11.00
tion beyond that of ‘can we afford it?’ is can we not afford to introduce NHI,” the report said. “The escalating cost of chronic diseases in the country, the wastage and inefficiency, which leads to more than $60 million a year being paid to providers overseas, and to nearly $100 million in nonhealth expenses, which limits the money going to provide health services. “Pushing more of those resources into providing medical care in the Bahamas will contribute to improving outcomes, increasing the revenue of Bahamian providers, reducing the costs that families often incur when travelling for medical care, and providing greater continuity of care between specialists and primary care physicians.” The report also highlighted the need for a greater focus on preventative medicine and health
INTENT TO CHANGE NAME BY DEED POLL
NOTICE
TUESDAY, 17 JANUARY 2017
THE TRIBUNE
YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful
TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225
NOTICE is hereby given that BERNISE ORDAIN of Marsh Harbour, Abaco, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 18th day of January, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.
THE TRIBUNE
Wednesday, January 18, 2017, PAGE 7
Official: Puerto Rico govt could call 502-2394 to collapse if no steps taken advertise today! SAN JUAN, Puerto Rico (AP) — The administration of Puerto Rico’s new governor warned on Tuesday that the government of the U.S. territory could shut down if dramatic measures to offset its financial crisis aren’t taken soon. The warning came as officials released new data provided by the previous governor during the transition process that they say shows the government’s revenue problems after the island’s decade-long economic slump are even worse than previously believed. “If we don’t make a dramatic adjustment, there could be a total collapse in upcoming months,” said Elias Sanchez, the governor’s representative to a federal control board created last year to oversee Puerto Rico’s finances. He told reporters that the extent of the fiscal crisis is still unknown, in part because of a lack of communication among public agencies. Puerto Rico is seeking to restructure a public debt load of nearly $70 billion, and the island has defaulted on millions of dollars’ worth of bond payments since August, angering creditors who have filed multiple lawsuits. The report released Tuesday reported deficits of $230 million for the island’s Education Department and $45 million for the police department and said the Highway Authority owes suppliers more than $500 million. The report also said Puerto Rico’s largest public university has $91 million deposited in the Government Development Bank that it cannot access because of a debt moratorium. Officials say the bank, which oversees the island’s debt transactions, turned over its routing number in April and has not issued any checks since. All of the bank’s deposits have been
moved to private banks. “The crisis is real and more severe than people think,” Sanchez said. Puerto Rico has a multimillion-dollar bond payment due in February, but Sanchez said it is too early to say whether it will be made. He said the government will talk with the federal control board in the upcoming days about that payment. “We’re going to see what kind of agreement we can reach,” he said. A group representing interests who hold $17 billion in outstanding bonds issued by Puerto Rico’s Sales Tax Financing Corporation said it supports economic growth but added that any potential relief needs to respect its seniority and property rights. “We continue to try to
“If we don’t make a dramatic adjustment, there could be a total collapse in upcoming months” show constructive leadership though our willingness to provide relief to the government via liquidity or voluntary reductions,” the group said in a statement emailed to The Associated Press. Some of those represented by the COFINA Senior Bondholders Group are individuals and retirees. Rossello’s administration already has requested an extension on a deadline to turn in a revised fiscal plan that the control board is supposed to approve by Jan. 31. Officials also have asked for an extension on a moratorium that temporarily protects Puerto Rico from creditor lawsuits. The board has not responded publicly to those requests.
COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT
2014 CLE/GEN/01523
Common Law and Equity Division IN THE MATTER of an Indenture of Mortgage made the 22nd day of April, A.D. 2004 between Ian J. Gilbert and Cherie D. Gilbert and Finance Corporation of Bahamas Limited AND IN THE MATTER of an Indenture of Further Charge made the 18th day of May, A.D. 2006 between Ian J. Gilbert and Cherie D. Gilbert and Finance Corporation of Bahamas Limited AND IN THE MATTER of The Mortgages Act, Chapter 156 of the Revised Laws of the Commonwealth of The Bahamas BETWEEN FINANCE CORPORATION OF BAHAMAS LIMITED AND IAN J. GILBERT and CHERIE D. GILBERT TO:
Plaintiff First Defendant Second Defendant
Ian J. Gilbert and Cherie D. Gilbert
TAKE NOTICE that: 1. An Order and a Judgment have been filed against you on the 11th day of February, A.D. 2016 and the 25th day of April, A.D. 2016, respectively (the “Order” and the “Judgment”) in the Supreme Court of The Bahamas in Action No. 2014/CLE/gen/01523 by Finance Corporation of Bahamas Limited, the Plaintiff herein. 2. By the Order, the court ordered that the Plaintiff be at liberty to enter judgment against you for the amount claimed in the Originating Summons together with interest and costs, such costs to be taxed if not agreed, AND THAT you do by no later than the 21st day of July, A.D. 2016 pay to the Plaintiff the amount claimed, failing which the Plaintiff shall have immediate right to vacant possession of all that parcel of land or premises being ALL THAT piece parcel or lot of land being part of the original tract of land known as “San Souci” situated in the Eastern District of the Island of New Providence and being designated as Thirty-two (32) in the Subdivision called and known as “Sea Gull Gardens” which said piece parcel or lot of land has such position shape boundaries marks and dimensions as are shown on the diagram or plan attached to a Conveyance dated the 13th day of December, A.D. 2001 made between Cleare’s Lumber and Building Supplies Limited of the one part and Ian J. Gilbert and Cherie D. Gilbert of the other part and is recorded in the Registry of Records in the City of Nassau on the Island of New Providence in Volume 8316 at pages 412 to 435 and is thereon coloured PINK 3. By the Judgment, it was adjudged that you pay to the Plaintiff the sum of $498,118.83 together interest at the rate of 6.75% per annum from the date of judgment until payment and costs to be taxed if not agreed. 4. The publication of this Notice constitutes service of the said Order and Judgment, copies of which may be obtained from the Supreme Court Registry, Ground Floor, BAF Financial Centre, Marlborough Street, Nassau, The Bahamas during normal business hours. Dated 18th day of January, A.D., 2017 HIGGS & JOHNSON Chambers Ocean Centre Montague Foreshore, East Bay Street Nassau, New Providence, The Bahamas Attorneys for the Plaintiff